According to MTN's recently published annual report, Sifiso Dabengwa (pictured), MTN Group former CEO, was paid some R23.7 million for loss of office after he resigned following the $5.2 billion fine levied on the telecoms company by Nigerian regulators.
Dabengwa's payout equates to almost three years basic salary and took his total 2015 remuneration to R40.6 million. Michael Ikpoki, the former head of MTN's Nigeria unit, also left in the wake of the penalty. According to the report, he was awarded R17.3 million in compensation. It was also published that Phuthuma Nhleko, the former CEO who returned as executive chairman to resolve the dispute, was paid R5 million for his work from 9 November until 31 December. His contract is due to run for six months, with a total payout of R17.5 million.
Despite hiring former US Attorney General Eric Holder to represent the company and making a 50 billion naira ($251 million) down payment, MTN has yet to settle the outstanding Nigerian fine.
- Stay connected, up to date and in the loop on what is happening in the world of finance and keep track of newly published expert insights and interviews with CFOs and CEOs. Become an online member and receive our newsletter, follow us on Twitter, like us on Facebook and join us on LinkedIn.
